Federal Banking Agencies Issue Interagency Examination Procedures for Mortgage Rules

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Federal banking regulators issued updates to its interagency examination procedures to reflect the new mortgage rules (i.e., ability-to-repay, loan originator compensation, and amendments to HOEPA) that became effective in January 2014.

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this informational piece (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

 

 

Topics:  Ability-to-Repay, Banks, HOEPA, Mortgages

Published In: Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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